1 cup granulated sugar
1 cup water
1 (12 ounce) can sweetened condensed milk
1 (14 ounce) can evaporated milk
8 ounces cream cheese, softened
1 cup butter, softened
5 large eggs
1 teaspoon vanilla extract

Preheat oven to 350 degrees F. Fill two large baking casserole dishes with one inch of hot water. Place 8 custard or dessert oven-safe cups in water.

Combine sugar and water in a small saucepan. Cook over low heat, constantly stirring, until sugar is dissolved. Once sugar is dissolved, bring to a boil. Boil, without stirring, for 10 to 15 minutes, until liquid is golden brown. Quickly pour into cups, distribution evenly amount the 8 cups.

In a blender, combine condensed and evaporated milks, cream cheese, butter, eggs and vanilla extract. Blend until smooth. Pour into cups on top of sauce. Place baking dishes with water and oven-safe cups in the oven. Bake for 30 to 40 minutes or until a knife inserted in the middle of a cup comes out clean. Remove cups from pan and allow to chill for at least 1 hour in the refrigerator.

Serve in the cup or run a knife around the edge, invert cup, and serve with flan sauce on top.